Tilray Inc (TLRY)
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Tilray Brands posted more revenue in fiscal 2026 than ever before: $915.5 million, up 11 percent. Something else grew faster over the same period — the share count. From 106.1 million on May 31, 2025 to 136.2 million on July 24, 2026, an increase of 28.4 percent. Per share, revenue therefore fell from $9.22 to $8.19. We read the annual report (10-K) filed on July 28, 2026 line by line: how much money shareholders have put in since 2018, what is left of it, and why the company chose April 2026 to sell 12.8 million new shares. Not investment advice — just the question of who is actually selling you the stock.
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AI Rating
Uses AITilray Brands verkauft keine KI-Produkte, setzt KI aber laut eigenem Abschnitt „AI and Cryptocurrency Business Strategy“ im Geschäftsbericht 2026 konzernweit zur Prozessoptimierung ein — insbesondere in der Gewächshaussteuerung, wo KI-gestützte Datenanalysen Ertrag, Qualität und Ressourcenverbrauch verbessern sollen.
View the full file — quotes, sources, reviewed filings
„We are implementing AI across our global operations to enhance our expertise, optimize processes, achieve substantial improvements, and advance our business objectives."
Wir setzen KI in unseren weltweiten Betrieben ein, um unsere Expertise zu stärken, Prozesse zu optimieren, wesentliche Verbesserungen zu erzielen und unsere Geschäftsziele voranzubringen.
„By integrating this technology with AI-driven data insights, we can manage greenhouse conditions in real-time, leading to more efficient operations, increased output, superior quality, and reduced costs for resources such as labor, water, and energy."
Indem wir diese Technologie mit KI-gestützten Datenanalysen verbinden, können wir die Bedingungen in den Gewächshäusern in Echtzeit steuern — das führt zu effizienteren Abläufen, höherem Ertrag, besserer Qualität und geringeren Kosten für Ressourcen wie Arbeit, Wasser und Energie.
Filings Reviewed: 10-K 2026-07-28 · 8-K 2026-07-28 · S-8 2026-07-31 · 10-Q 2026-04-01 · 10-Q 2026-01-08 · 10-Q 2025-10-09 · 10-K 2025-07-29
Rated on August 1, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.10 | 89.00 | 270 | 12.60 | -19.60 | -48 | -57 |
| 2024: Q4 | -0.03 | 95.00 | 295 | 12.50 | -40.50 | -57 | -64 |
| 2025: Q1 | -0.87 | -624.30 | 268 | 5.00 | -424.90 | -5 | -25 |
| 2025: Q2 | 0.02 | 150.00 | 308 | -1.60 | -566.90 | -20 | -29 |
| 2025: Q3 | 0.00 | 99.70 | 288 | 6.60 | -0.20 | -2 | -15 |
| 2025: Q4 | -0.02 | 33.30 | 304 | 3.00 | -20.70 | -12 | -26 |
| 2026: Q1 | 0.02 | 102.30 | 282 | 5.20 | -12.90 | -22 | -26 |
| 2026: Q2 | -0.43 | -2,250.00 | 282 | -8.60 | -17.60 | -38 | -48 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Revenue reached the highest level in company history in fiscal 2026 at $915.5 million, up 11 percent, and gross profit rose to $260.4 million. International cannabis revenue grew 34 percent to $84.9 million on the back of in-house EU-GMP production in Portugal and Germany. Four legs to stand on, and no customer above 10 percent of revenue.
Shares outstanding rose from 106,067,875 on May 31, 2025 to 131,683,075 on May 31, 2026 and 136,203,579 on July 24, 2026 — up 28.4 percent in barely 14 months. Revenue per share fell from $10.62 in fiscal 2024 to $9.22 and then $8.19. Roughly $93 million of ATM capacity is still open, authorized capital runs to 1,416,000,000 shares, and the employee plan grows automatically by 4 percent every January 1 through 2027.
Operating cash flow was negative in fiscal 2024, 2025 and 2026 at minus $30.9 million, minus $94.6 million and minus $69.1 million; the risk factors of the 10-K put it plainly: "Our business has not generated positive cash flow from operations." Cash rose in fiscal 2026 only because $158.0 million net came in from the sale of new shares.
An equity ratio of 69.3 percent as of May 31, 2026, net debt of $0.7 million per the company, and $234.6 million of liquidity against roughly $226.9 million of financial debt. No going-concern warning, and an unqualified opinion from PricewaterhouseCoopers dated July 28, 2026. The group does not depend on lenders — it depends on the equity market.
Within $1,614.3 million of equity sit $752.4 million of goodwill, entirely in the cannabis segment — more than the whole market capitalization of roughly $618 million as of August 1, 2026. The auditor treats that valuation as a critical audit matter and expressly cites the comparison of market capitalization with book value. In fiscal 2025 the same question cost $2,096.1 million.
On an adjusted basis the fourth fiscal quarter of 2026 shows EBITDA of $31.9 million and net income of $5.3 million, and guidance for fiscal 2027 stands at $68 million to $75 million of adjusted EBITDA. Under U.S. accounting rules the year still ended with a net loss of $105.2 million. The direction is right; the proof in the form of cash inflows is still outstanding.
In fiscal 2026 Tilray Brands got better as a company and smaller as a stock: record revenue of $915.5 million (up 11 percent), gross profit of $260.4 million, no more billion-dollar write-down, a balance sheet with a 69.3 percent equity ratio and practically no net debt — alongside 28.4 percent more shares in barely 14 months, revenue per share down from $9.22 to $8.19, and three consecutive fiscal years of negative operating cash flow (minus $30.9 million, minus $94.6 million, minus $69.1 million). That cash still held was down to $158.0 million net from selling new shares — including 12,848,281 shares at an average of $6.77, a substantial portion of them, per the annual report, on April 22 and 23, 2026, straight into a price rally. Not investment advice.
- The hook for this analysis was a contradiction: the fundamental data (as of August 1, 2026) reported a revenue decline for Tilray and an operating margin of about minus 53 percent, while the annual report filed on July 28, 2026 shows an 11 percent revenue increase and an operating loss equal to 6.9 percent of revenue. Where data disagree, the filing wins: every revenue, earnings, balance sheet, cash flow and share figure in this analysis comes from the 10-K of July 28, 2026 and the filings of the days that followed. From the fundamental data only price, market capitalization, valuation ratios, model scores (Piotroski, Altman Z) and analyst and ownership figures were used.
- Two traps with Tilray: the fiscal year ends May 31, so calendar-quarter labels shift the mapping by one quarter. And on December 2, 2025 ten shares were combined into one (a 1-for-10 reverse split); price histories without split adjustment show one tenth of the actual values, which is why statements such as "X percent above the 52-week low" are deliberately avoided here.
- The market capitalization was cross-checked: 136,203,579 shares (cover page of the 10-K, as of July 24, 2026) times $4.54 gives $618.4 million, exactly matching the figure from the fundamental data. The company should not be confused with its former name "Tilray, Inc.", which some data sources still carry; the SEC identifier CIK 0001731348 is unchanged.
About the Company
Tilray Brands, Inc., a lifestyle consumer products company, engages in the research, cultivation, processing, and distribution of medical cannabis products in Canada, the United States, Europe, the Middle East, Africa, and internationally. The company operates through four segments: Beverage, Cannabis, Distribution, and Wellness. It also offers medical and adult-use cannabis products; resells and distributes pharmaceutical and wellness products; and produces, markets, and sells beverage products, and hemp-based food products. In addition, the company provides entertainment products. It offers its products under the Tilray, Aphria, Broken Coast, Symbios, Navcora, Tilray Craft, Charlotte's Web, Montauk Brewing, Shock Top, 10 Barrell, Breckenridge Brewery, SweetWater Brewing, Breckenridge Distillery, Blue Point Brewing, Broken Coast, Redecan, XMG, Manitoba Harvest, CC Pharma, Good Supply, Solei, Mollo, Chowie Wowie, Original Stash, Canaca, RIFF, Tilray Medical, Bake Sale, The Batch, HEXO, Alpine Beer Company, Green Flash, Cruisies, Atwater Brewery, Hiball Energy, Liquid Love, Hop Valley Brewing, Redhook Brewery, Revolver Brewing, Square Mile Cider, Mock One, Widmer Brothers Brewing, Runner's High Brewing Company, SweetWater Brewing Company, Terrapin Beer Co., Happy Flower, Fizzy Jane's, Herb & Bloom, 420 Fizz, and Fresh Hemp Foods brands. The company sells its products to retailers, wholesalers, patients, physicians, hospitals, pharmacies, researchers, and governments, as well as direct to consumers. The company was formerly known as Tilray, Inc. and changed its name to Tilray Brands, Inc. in January 2022. Tilray Brands, Inc. is headquartered in Leamington, Canada.
| IPO Year | 2018 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: August 1, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.